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This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",{"type":553,"attrs":567,"content":568},{"textAlign":49},[569,571,580],{"text":570,"type":558},"To access this report’s accompanying funding and IPO database, ",{"text":572,"type":558,"marks":573},"click here",[574],{"type":575,"attrs":576},"link",{"href":577,"uuid":49,"anchor":49,"target":578,"linktype":579},"https://a.storyblok.com/f/287943243085208/x/0768bb14a6/benchmark-etc-funding-data-january-2026.xlsx","_self","asset",{"text":581,"type":558},".",{"type":583,"attrs":584,"content":586},"heading",{"level":585,"textAlign":49},1,[587],{"text":588,"type":558},"Highlights",{"type":553,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":558},"January 2026 has begun with elevated commodity prices, reinforcing both the opportunity and the strain across energy transition and critical mineral markets. Lithium prices showed early signs of recovery following a prolonged downturn, while copper remained firm amid tightening supply expectations and sustained demand from grid expansion, electrification and data centre build-outs.",{"type":553,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":558},"Government support has remained a defining feature of the market. Europe continued to deploy grant funding to in January to underpin its domestic supply chains, with approximately $280 million of grants tracked. At the same time, the United States reinforced its reshoring agenda, particularly in rare earths, as the federal government agreed to take a 10% equity stake in USA Rare Earths in a $1.6 billion transaction, highlighting the growing role of direct state investment in strategic materials.",{"type":600,"attrs":601},"blok",{"id":602,"body":603},"8d8ac658-3a77-4e23-a679-43103d21c81b",[604,610,613,616,619],{"id":605,"_uid":606,"type":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"27492168","i-d70ca35c-6eac-4118-8777-832dd4946a6e","visualisation","ContentFlourish","",{"id":611,"_uid":612,"type":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"27482025","i-c31dbe3d-75aa-4312-a7e2-5124ea4f5685",{"id":614,"_uid":615,"type":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"27482032","i-3bdeaf50-c3de-4bb5-9ad0-e086298769b9",{"id":617,"_uid":618,"type":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"27481999","i-055e98a2-3f84-4f6e-a876-f97d47e00a07",{"id":620,"_uid":621,"type":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"27482001","i-677bf4be-ff82-42d7-8037-e0962f25f06c",{"type":553,"attrs":623,"content":624},{"textAlign":49},[625,633],{"text":626,"type":558,"marks":627},"EVT ",[628,632],{"type":629,"attrs":630},"textStyle",{"color":631},"black",{"type":563},{"text":634,"type":558,"marks":635},"saw its share price spike after an announcement to collaborate in the AI space. 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",[814],{"type":629,"attrs":815},{"color":631},{"text":817,"type":558,"marks":818},"Zipline",[819,821],{"type":629,"attrs":820},{"color":631},{"type":563},{"text":823,"type":558,"marks":824},", secured $600 million in equity financing in January 2026 to scale its aviation and logistics operations.",[825],{"type":629,"attrs":826},{"color":631},{"type":753,"content":828},[829],{"type":553,"attrs":830,"content":831},{"textAlign":49},[832,837,843],{"text":833,"type":558,"marks":834},"US battery energy storage project developer and operator, ",[835],{"type":629,"attrs":836},{"color":631},{"text":838,"type":558,"marks":839},"Jupiter Power",[840,842],{"type":629,"attrs":841},{"color":631},{"type":563},{"text":844,"type":558,"marks":845},", secured a $500 million green loan in January 2026, with debt financing provided by Barclays, HSBC, ING, Société Générale and SMBC.",[846],{"type":629,"attrs":847},{"color":631},{"type":753,"content":849},[850],{"type":553,"attrs":851,"content":852},{"textAlign":49},[853,858,864],{"text":854,"type":558,"marks":855},"US recycling and battery reuse company, ",[856],{"type":629,"attrs":857},{"color":631},{"text":859,"type":558,"marks":860},"Redwood Materials",[861,863],{"type":629,"attrs":862},{"color":631},{"type":563},{"text":865,"type":558,"marks":866},", raised $425 million in its Series E equity round in January 2026, with backing from Google, Capricorn and Goldman Sachs.",[867],{"type":629,"attrs":868},{"color":631},{"type":553,"attrs":870,"content":871},{"textAlign":49},[872,877,883,888,890,894],{"text":873,"type":558,"marks":874},"Over ",[875],{"type":629,"attrs":876},{"color":631},{"text":878,"type":558,"marks":879},"$6billion worth of financial transactions were tracked in January across over 45 deals, ",[880,882],{"type":629,"attrs":881},{"color":631},{"type":563},{"text":884,"type":558,"marks":885},"to view all of this funding data in excel",[886],{"type":629,"attrs":887},{"color":631},{"text":889,"type":558}," ",{"text":572,"type":558,"marks":891},[892],{"type":575,"attrs":893},{"href":577,"uuid":49,"anchor":49,"target":578,"linktype":579},{"text":581,"type":558},{"type":583,"attrs":896,"content":897},{"level":666,"textAlign":640},[898],{"text":899,"type":558,"marks":900},"M&A activity and other market news",[901],{"type":629,"attrs":902},{"color":631},{"type":750,"content":904},[905,937,969,1001,1033],{"type":753,"content":906},[907],{"type":553,"attrs":908,"content":909},{"textAlign":640},[910,915,921,926,932],{"text":911,"type":558,"marks":912},"US rare earths producer, ",[913],{"type":629,"attrs":914},{"color":631},{"text":916,"type":558,"marks":917},"Energy Fuels",[918,920],{"type":629,"attrs":919},{"color":631},{"type":563},{"text":922,"type":558,"marks":923},", announced 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battery development.",[967],{"type":629,"attrs":968},{"color":631},{"type":753,"content":970},[971],{"type":553,"attrs":972,"content":973},{"textAlign":49},[974,979,985,990,996],{"text":975,"type":558,"marks":976},"Israeli autonomous driving firm, ",[977],{"type":629,"attrs":978},{"color":631},{"text":980,"type":558,"marks":981},"Mobileye",[982,984],{"type":629,"attrs":983},{"color":631},{"type":563},{"text":986,"type":558,"marks":987},", acquired humanoid robotics start-up ",[988],{"type":629,"attrs":989},{"color":631},{"text":991,"type":558,"marks":992},"Mentee Robotics ",[993,995],{"type":629,"attrs":994},{"color":631},{"type":563},{"text":997,"type":558,"marks":998},"in a deal valued at $900 million to strengthen its AI capabilities.",[999],{"type":629,"attrs":1000},{"color":631},{"type":753,"content":1002},[1003],{"type":553,"attrs":1004,"content":1005},{"textAlign":49},[1006,1011,1017,1022,1028],{"text":1007,"type":558,"marks":1008},"Chinese battery materials supplier, ",[1009],{"type":629,"attrs":1010},{"color":631},{"text":1012,"type":558,"marks":1013},"Fulin Precision",[1014,1016],{"type":629,"attrs":1015},{"color":631},{"type":563},{"text":1018,"type":558,"marks":1019},", received a $455 million strategic investment from ",[1020],{"type":629,"attrs":1021},{"color":631},{"text":1023,"type":558,"marks":1024},"CATL",[1025,1027],{"type":629,"attrs":1026},{"color":631},{"type":563},{"text":1029,"type":558,"marks":1030},", boosting its position within the battery supply chain.",[1031],{"type":629,"attrs":1032},{"color":631},{"type":753,"content":1034},[1035],{"type":553,"attrs":1036,"content":1037},{"textAlign":49},[1038,1044,1049,1055],{"text":1039,"type":558,"marks":1040},"USA Rare Earth ",[1041,1043],{"type":629,"attrs":1042},{"color":631},{"type":563},{"text":1045,"type":558,"marks":1046},"agreed a $1.6 billion transaction with the ",[1047],{"type":629,"attrs":1048},{"color":631},{"text":1050,"type":558,"marks":1051},"US government",[1052,1054],{"type":629,"attrs":1053},{"color":631},{"type":563},{"text":1056,"type":558,"marks":1057},", which will see the government take a 10% stake in the rare earths developer.",[1058],{"type":629,"attrs":1059},{"color":631},{"type":583,"attrs":1061,"content":1062},{"level":666,"textAlign":640},[1063],{"text":1064,"type":558,"marks":1065},"2025 performance of energy transition IPO market",[1066],{"type":629,"attrs":1067},{"color":631},{"type":600,"attrs":1069},{"id":602,"body":1070},[1071],{"id":1072,"_uid":1073,"type":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"27481995","i-5c5fd151-10da-4bbb-a936-859bae76b581",{"type":583,"attrs":1075,"content":1076},{"level":666,"textAlign":640},[1077],{"text":1078,"type":558,"marks":1079},"Market listings and updates",[1080],{"type":629,"attrs":1081},{"color":631},{"type":553,"attrs":1083,"content":1084},{"textAlign":640},[1085,1090,1096,1101,1107,1113,1119,1124,1130,1137,1143],{"text":1086,"type":558,"marks":1087},"Over the course of November, we tracked ",[1088],{"type":629,"attrs":1089},{"color":631},{"text":1091,"type":558,"marks":1092},"two ",[1093,1095],{"type":629,"attrs":1094},{"color":631},{"type":563},{"text":1097,"type":558,"marks":1098},"energy transition companies complete stock exchange listings. On the ",[1099],{"type":629,"attrs":1100},{"color":631},{"text":1102,"type":558,"marks":1103},"9",[1104,1106],{"type":629,"attrs":1105},{"color":631},{"type":563},{"text":705,"type":558,"marks":1108},[1109,1111,1112],{"type":629,"attrs":1110},{"color":631},{"type":563},{"type":711},{"text":1114,"type":558,"marks":1115}," January Yunnan Jinxun Resources ",[1116,1118],{"type":629,"attrs":1117},{"color":631},{"type":563},{"text":1120,"type":558,"marks":1121},"listed on the HKEX and ",[1122],{"type":629,"attrs":1123},{"color":631},{"text":1125,"type":558,"marks":1126},"GRE Renew listed on the 21",[1127,1129],{"type":629,"attrs":1128},{"color":631},{"type":563},{"text":1131,"type":558,"marks":1132},"st",[1133,1135,1136],{"type":629,"attrs":1134},{"color":631},{"type":563},{"type":711},{"text":1138,"type":558,"marks":1139}," January ",[1140,1142],{"type":629,"attrs":1141},{"color":631},{"type":563},{"text":1144,"type":558,"marks":1145},"in India.",[1146],{"type":629,"attrs":1147},{"color":631},{"type":553,"attrs":1149,"content":1150},{"textAlign":640},[1151],{"type":1152,"attrs":1153},"image",{"id":1154,"alt":609,"src":1155,"title":609,"source":609,"copyright":609,"meta_data":1156},141044707327987,"https://a.storyblok.com/f/287943243085208/651x468/de9e2900f3/screenshot-2026-02-03-131159.png",{},{"type":583,"attrs":1158,"content":1159},{"level":666,"textAlign":640},[1160],{"text":1161,"type":558,"marks":1162},"Announcements",[1163],{"type":629,"attrs":1164},{"color":631},{"type":553,"attrs":1166,"content":1167},{"textAlign":640},[1168],{"text":1169,"type":558,"marks":1170},"Throughout January, several energy transition and critical mineral companies progressed plans to list across US and Asian exchanges.",[1171],{"type":629,"attrs":1172},{"color":631},{"type":750,"content":1174},[1175,1196,1217,1238,1259],{"type":753,"content":1176},[1177],{"type":553,"attrs":1178,"content":1179},{"textAlign":49},[1180,1185,1191],{"text":1181,"type":558,"marks":1182},"US energy infrastructure services provider, ",[1183],{"type":629,"attrs":1184},{"color":631},{"text":1186,"type":558,"marks":1187},"SOLV Energy",[1188,1190],{"type":629,"attrs":1189},{"color":631},{"type":563},{"text":1192,"type":558,"marks":1193},", launched its initial public offering process and filed to list on Nasdaq, aiming to raise capital to support balance sheet refinancing and future growth.",[1194],{"type":629,"attrs":1195},{"color":631},{"type":753,"content":1197},[1198],{"type":553,"attrs":1199,"content":1200},{"textAlign":49},[1201,1206,1212],{"text":1202,"type":558,"marks":1203},"US autonomous trucking technology developer, ",[1204],{"type":629,"attrs":1205},{"color":631},{"text":1207,"type":558,"marks":1208},"PlusAI",[1209,1211],{"type":629,"attrs":1210},{"color":631},{"type":563},{"text":1213,"type":558,"marks":1214},", advanced preparations to go public after filing with US regulators, signalling intentions to access public markets ahead of near-term commercialisation.",[1215],{"type":629,"attrs":1216},{"color":631},{"type":753,"content":1218},[1219],{"type":553,"attrs":1220,"content":1221},{"textAlign":49},[1222,1227,1233],{"text":1223,"type":558,"marks":1224},"Chinese photovoltaic and energy storage equipment provider, ",[1225],{"type":629,"attrs":1226},{"color":631},{"text":1228,"type":558,"marks":1229},"Deye Technology",[1230,1232],{"type":629,"attrs":1231},{"color":631},{"type":563},{"text":1234,"type":558,"marks":1235},", announced plans to list on the HKEX as it seeks to support overseas expansion and strengthen its capital base.",[1236],{"type":629,"attrs":1237},{"color":631},{"type":753,"content":1239},[1240],{"type":553,"attrs":1241,"content":1242},{"textAlign":49},[1243,1248,1254],{"text":1244,"type":558,"marks":1245},"Chinese digital energy and intelligent robotics company, ",[1246],{"type":629,"attrs":1247},{"color":631},{"text":1249,"type":558,"marks":1250},"Keda Intelligent",[1251,1253],{"type":629,"attrs":1252},{"color":631},{"type":563},{"text":1255,"type":558,"marks":1256},", received approval for its initial public offering and listing on the SZSE ChiNext board, with the process now entering the registration submission stage.",[1257],{"type":629,"attrs":1258},{"color":631},{"type":753,"content":1260},[1261],{"type":553,"attrs":1262,"content":1263},{"textAlign":49},[1264,1269,1275],{"text":1265,"type":558,"marks":1266},"Chinese electrical equipment manufacturer, ",[1267],{"type":629,"attrs":1268},{"color":631},{"text":1270,"type":558,"marks":1271},"Chint Electric",[1272,1274],{"type":629,"attrs":1273},{"color":631},{"type":563},{"text":1276,"type":558,"marks":1277},", announced plans to issue H-shares and pursue a listing on the HKEX to support its internationalisation strategy, with specific details still under discussion.",[1278],{"type":629,"attrs":1279},{"color":631},"Welcome to Energy Transition Capital Monthly, a part of your Benchmark Source subscription. This report follows companies, related to the energy transition, going public through IPO or merger via SPAC, as well as tracking company share prices and general industry trends though indexes and funding data. It provides a comprehensive overview of the past month’s ...","briefing",[1283,1285,1288,1291,1293,1295,1298,1301,1304,1307,1309,1312,1315,1318,1321,1323,1326,1328,1331,1333,1336,1338,1341,1344,1347],{"slug":1284,"name":261},"anode",{"slug":1286,"name":1287},"batteries","Batteries",{"slug":1289,"name":1290},"battery-technology","Battery Technology",{"slug":1292,"name":373},"black-mass",{"slug":1294,"name":298},"cathode",{"slug":1296,"name":1297},"ev","EV",{"slug":1299,"name":1300},"ess","ESS",{"slug":1302,"name":1303},"critical-minerals","Critical Minerals",{"slug":1305,"name":1306},"copper","Copper",{"slug":1308,"name":115},"cobalt",{"slug":1310,"name":1311},"fluorspar","Fluorspar",{"slug":1313,"name":1314},"geopolitics","Geopolitics",{"slug":1316,"name":1317},"gigafactories","Battery & Gigafactory",{"slug":1319,"name":1320},"graphite","Graphite",{"slug":1322,"name":8},"lithium",{"slug":1324,"name":1325},"manganese","Manganese",{"slug":1327,"name":189},"natural-graphite",{"slug":1329,"name":1330},"new-energy","New Energy",{"slug":1332,"name":150},"nickel",{"slug":1334,"name":1335},"phosphate","Phosphate",{"slug":1337,"name":414},"rare-earths",{"slug":1339,"name":1340},"recycling","Recycling",{"slug":1342,"name":1343},"silicon-anode","Silicon Anode",{"slug":1345,"name":1346},"sustainability","Sustainability",{"slug":1348,"name":1349},"synthetic-graphite","Synthetic Graphite","private","Feb 03, 2026","3rd February 2026",[],[],1780501049772]